Michigan Consumer Sentiment Rises To 74.0; SP500 Tests 6100

On December 6, 2024, the University of Michigan released Michigan Consumer Sentiment report for December. The report indicated that Consumer Sentiment improved from 71.8 in November to 74.0 in December, compared to analyst forecast of 73.0.

Current Economic Conditions increased from 63.9 in November to 77.7 in December, while Index of Consumer Expectations declined from 76.9 to 71.6.

Year-ahead inflation expectations increased from 2.6% in November to 2.9% in December, reaching the highest level in six months. Long-run inflation expectations declined from 3.2% to 3.1%.

The University of Michigan commented: “A surge in buying conditions for durables led Current Economic Conditions to soar more than 20%. Rather than a sign of strength, this rise in durables was primarily due to a perception that purchasing durables now would enable buyers to avoid future price increases.”

U.S. Dollar Index tested session highs after the release of the better-than-expected Michigan Consumer Sentiment report. Currently, U.S. Dollar Index is trying to settle above the 106.00 level.

Gold  settled near the $2635 level as traders focused on strong U.S. dollar. Interstingly, Treasury yields are moving lower, providing some support to gold markets.

SP500  tested the 6100 level as traders reacted to the encouraging report. Stock traders stay bullish, and the rally continues.

For a look at all of today’s economic events, check out our economic calendar.